Significant changes to individual provisions have been implemented by the Tax Cuts and Jobs Act for 2018.

We advise you to visit us soon to determine your 2017 tax liability and potentially prepay it before it becomes a penalty issue in April. For 2018, the Tax Cuts and Jobs Act introduces new rate brackets, increased standard deduction, reduced deductions for personal mortage interest and state and local taxes, and decreased corporate income tax rates. Miscellaneous itemized deductions (such as deductions for unreimbursed employee business expenses and investment advisory fees) are nondeductible starting in 2018.

If you have any questions about any of these provisions, please contact us!